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Audit Committee Composition
July 12, 2010To be most effective, audit committees should periodically reassess the optimal mix of committee members, taking into account regulations and requirements; changes in the business;and the skills, experiences, diversity, time commitments, tenure, and rotation of its members.
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Another Reason to Comply with FCPA, But How? June 07, 2010On June 2nd, Fitch Ratings agency announced that Foreign Corrupt Practices Act violations could result in ratings downgrades. That’s one more reason boards should educate themselves on FCPA and how their companies are monitoring FCPA-related risks. It appears, though, that many boards do not feel comfortable with their companies’ compliance programs.
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New Federal Sentencing Guidelines - They Matter May 05, 2010Governing board members—including, particularly, members of the compliance and audit committees—should consider revising the existing corporate compliance plan to reflect new amendments to the federal compliance plan guidelines, and to making related changes in other key officer-to-board reporting relationships.
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Surviving a Restatement: From Denial to Acceptance April 30, 2010One would think that potential restatements are dealt with systematically and rationally, but what often happens is that management and corporate boards, particularly audit committees, go through a grief cycle. Similar to what’s often experienced after the death of a loved one, this “Restatement Grief Cycle” is characterized by stages of denial, anger, bargaining, depression, and acceptance.